{{Short description|American test equipment manufacturer}} {{Infobox company | name = Cascade Microtech | logo = Cascade Microtech logo.png | logo_size = 175px | type = Subsidiary | foundation = 1983 | founder = | location = Beaverton, Oregon, USA<br>{{coord|45.45372|-122.791043|type:landmark_region:US|display=inline,title}} | locations = | industry = Semiconductor test equipment | products = | revenue = $113 million (2012)<ref name=att/> | net_income = $6.1 million (2012)<ref name=att/> | num_employees = 401 (2010)<ref name="ar 2010">{{cite web|title=2010 Annual Report|url=http://www.cmicro.com/file/cascade-microtech-inc-2010-annual-report|work=SEC Filings and Financial Reports|publisher=Cascade Microtech, Inc.|accessdate=October 2, 2011}}{{Dead link|date=October 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> | homepage = [https://www.formfactor.com/ formfactor.com] }}
'''Cascade Microtech''' is a semiconductor test equipment manufacturer based in Beaverton in the Portland metropolitan area of the United States. Founded in 1983, the Oregon-based company employs nearly 400 people. Formerly publicly traded company as CSCD on the NASDAQ, the company is now fully merged with FormFactor, Inc.
==History== In the early 1980s, Eric W. Strid and K. Reed Gleason, employees at Tektronix (Tek), attempted to get their bosses to make a microwave wafer probe for testing microchips.<ref name="passes test">{{cite news|title= Cascade Microtech Passes Test |last= Colby |first= Richard |date= June 12, 1989|work= The Oregonian |page=D10 }}</ref> Management declined, but did license the technology to the two, leading to the formation of Cascade Microtech in 1982 on a part-time basis.<ref name="passes test"/><ref name="new ceo 2007">{{cite news |title= Cascade Microtech names new CEO |last= DiMesio |first= Robbie |date= December 6, 2007|newspaper=The Oregonian |url= http://blog.oregonlive.com/business/2007/12/cascade_microtech_names_new_ce.html }}</ref> Dale E. Carlton joined the company as well, and in 1983 they produced their first product.<ref name="passes test"/> The founders had also worked for Tek spin-off of TriQuint Semiconductor.<ref name="VC investment"/> The company turned profitable in 1984, and all left Tektronix by 1985.<ref name="passes test"/> In May 1986, the young company leased a {{convert|1200|ft2|adj=on}} office in the Beaverton Tech Center.<ref>{{cite news|title= Real Estate Notes |date= May 18, 1986|newspaper= The Oregonian |page=74}}</ref> thumb|Former company headquarters in Hillsboro By 1989, the company had grown to 55 employees and was based in Beaverton, Oregon near the Tek headquarters.<ref name="passes test"/> The owners went without compensation the first three years the company was in business as they self-financed the venture before receiving $2.7 million in venture capital from Hewlett Packard in 1990.<ref name="VC investment">{{cite news|title= VC investment not the only way to raise funds |last= Goldfield |first= Robert |date= May 6, 2001|work= Portland Business Journal |url=http://www.bizjournals.com/portland/stories/2001/05/07/newscolumn1.html }}</ref> Cascade began working towards an initial public stock offering (IPO) as early as 1997.<ref name="may probe IPO">{{cite news|title= Booming Cascade Microtech may probe IPO market in '98 |last= Marks |first= Anita |date= March 23, 1997|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/1997/03/24/story8.html }}</ref> At that time, it expected to file for the IPO in 1998 and would use the money in part to help expand production.<ref name="may probe IPO"/> As of March 1997, the company employed 185 people and their biggest customers were Fujitsu, National Semiconductor, and Texas Instruments.<ref name="may probe IPO"/>
In 1999, the company received another $16 million in funding, which at that time the company had annual sales of $52 million.<ref name="VC investment"/> The company raised additional $10 million in capital in 2000 by selling equity to Teachers Insurance and Annuity Association.<ref name="equity">{{cite news|title= Beaverton Firm Makes Equity Deal |last= Francis |first= Mike |date= February 11, 2000|work= The Oregonian |page=B2 }}</ref> By 2001 the company employed 330 people and was still preparing for an initial public offering on its stock.<ref name="VC investment"/> The company then filed to go public in 2000, but dropped the plans in 2002.<ref name="growing IPO">{{cite news|title=Cascade joins growing list of tech IPOs |last= Earnshaw |first= Aliza |date= October 31, 2004|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2004/11/01/story1.html }}</ref>
By 2001, Cascade had signed on to move into a new headquarters in Hillsboro's AmberGlen Business Center<ref name="dirt">{{cite news|title=Dirt piles tell a success story in Sunset Corridor |last= Stout |first= Heidi J. |date= September 9, 2001|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2001/09/10/story4.html }}</ref> where it occupied {{convert|100000|ft2}} by 2004.<ref name="recovery">{{cite news|title= Real estate recovery takes root on west side |last= Stout |first= Heidi J. |date= March 28, 2004|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2004/03/29/story4.html }}</ref> The company was originally located at the offices of TriQuint, its former employer.<ref name="VC investment"/> Cascade opened offices in Singapore in 2003, followed by offices in Taiwan and China in 2006.<ref name="asia">{{cite news|title= Cascade Microtech expanding in Asia|last= Earnshaw |first= Aliza |date= July 5, 2006 |work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2006/07/03/daily5.html}}</ref>
After years of delay, Cascade Microtech filed for an IPO with the United States Securities & Exchange Commission in March 2004, hoping to raise $85 million.<ref name="IPO files">{{cite news|title=Cascade Microtech files for IPO|date= March 4, 2004|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2004/03/01/daily42.html}}</ref><ref name="IPO prep">{{cite news|title= Cascade Microtech prepares again for initial public offering |last= Francis |first= Mike |date= March 11, 2004|work= The Oregonian |page=West Zoner 1 }}</ref> The company employed 243 and had revenues of $50.6 million when it filed for the IPO, and major customers included Intel and Infineon.<ref name="IPO files"/> Besides offering new shares, shares held by existing owners such as Agilent Technologies were also offered, for a total of 5.3 million shares being offered to the public.<ref name="IPO outlook Forbes">{{cite news|title= IPO Outlook: Semi-Enthusiastic For Semiconductors |last= Reeves |first= Scott |date= November 5, 2004|work= Forbes |url=https://www.forbes.com/2004/11/05/cx_sr_1105ipooutlook.html}}</ref> On December 15, 2004, the company started trading on the NASDAQ market, with an initial price of $14 per share under the ticker symbol CSCD.<ref name="public">{{cite news|title= Cascade Microtech public after 4-year wait |last= Sickinger |first= Ted |date= December 16, 2004|work= The Oregonian |page=D1}}</ref> The offering raised $72 million, of which $43 million went to Cascade with the remainder to existing shareholders.<ref name="public"/><ref name="IPO seeks">{{cite news|title= Cascade Microtech IPO seeks to raise $74M |date= December 15, 2004|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2004/12/13/daily30.html}}</ref> thumb|A probe station manufactured by Cascade Cascade purchased socket maker Gryphics, Inc. in 2007 for $13.7 million and nearly 850,000 in Cascade Microtech stock.<ref name="gryphics">{{cite web|work= Articles|title= Cascade Microtech Acquires Socket Product Manufacturer Gryphics, Inc. |date= April 4, 2007|publisher= Semiconductor Online |url=http://www.semiconductoronline.com/article.mvc/Cascade-Microtech-Acquires-Socket-Product-Man-0001 }}</ref><ref name="lower profits">{{cite news|title= Cascade Microtech reports lower profits on higher sales |last= Earnshaw |first= Aliza |date= July 24, 2007|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2007/07/23/daily14.html}}</ref> Also in 2007, Cascade Microtech GmbH was opened in Munich, Germany. The Engineering Products Division (EPD) and the Production Products Division (PPD) provides application, sales and service support for European customers.<ref>{{Cite web |date=2007-08-17 |title=Cascade Microtech Expands Operations in Germany |url=https://www.microwavejournal.com/articles/print/5247-cascade-microtech-expands-operations-in-germany |access-date=2024-03-14 |website=www.microwavejournal.com}}</ref><ref>{{Cite web |last= |first= |date=2007-08-27 |title=Cascade Microtech expands operations in Germany |url=https://www.edn.com/cascade-microtech-expands-operations-in-germany/ |access-date=2024-03-14 |website=EDN |language=en-US}}</ref>
Chief executive officer (CEO) and co-founder Eric Strid stepped down as CEO, but remained as the company chairman and became the chief technical officer in January 2008.<ref name="new ceo 2007"/> Geoff Wild took over as CEO at that time,<ref name="new ceo 2007"/> but resigned in December 2009.<ref name="CEO resigns 2009">{{cite news|title= Cascade Microtech's CEO resigns |last= LaPedus |first= Mark |date= December 2, 2009|work= EE Times |url= http://www.eetimes.com/electronics-news/4086248/Cascade-Microtech-s-CEO-resigns }}</ref><ref name="ceo quit 2009">{{cite news |title= Cascade Microtech's CEO quits |last= Rogoway |first= Mike |date= December 2, 2009|newspaper=The Oregonian |url= http://blog.oregonlive.com/siliconforest/2009/12/cascade_microtechs_ceo_quits.html }}</ref> Interim CEO Paul Carlson led the company until former Merix Corp. CEO Michael Burger was hired in June 2010 and took office in July.<ref name="ceo quit 2009"/><ref name="ceo merix">{{cite news |title= Merix's ex-CEO is Cascade Microtech's new chief |last= Rogoway |first= Mike |date= June 17, 2010|newspaper=The Oregonian |url= http://blog.oregonlive.com/siliconforest/2010/06/merixs_ex-ceo_is_cascade_micro.html }}</ref>
In January 2010, Cascade purchased SUSS MicroTec AG's chip-testing division for $9.8 million.<ref name="small time">{{cite news|title= Cascade seeks end to small-time status |last= Siemers |first= Erik |date= June 27, 2010|work= Portland Business Journal |url= http://www.bizjournals.com/portland/stories/2010/06/28/story4.html}}</ref> That division had been Cascade's largest rival.<ref name="small time"/> The company's revenue for the third quarter in 2010 was $25.3 million, a record for the company.<ref name="record revenue">{{cite news|title= Cascade Microtech posts record revenue |last= Stevens |first= Suzanne |date= November 2, 2010|work= Portland Business Journal |url= http://www.bizjournals.com/portland/news/2010/11/02/cascade-microtech-posts-record-revenue.html}}</ref> However, Cascade still had a net loss of $400,000.<ref name="record revenue"/>
In 2011, Cascade announced their collaboration with IMEC for the development of 3D Through-Silicon-Via (TSV) structures testing methods and methodologies.<ref>{{Cite web |last= |first= |date=2011-03-03 |title=Cascade Microtech Partners With imec for 3D-TSV Probe Solutions |url=https://www.globenewswire.com/news-release/2011/03/03/919516/0/en/Cascade-Microtech-Partners-With-imec-for-3D-TSV-Probe-Solutions.html |access-date=2024-03-08 |website=GlobeNewswire News Room |language=en}}</ref><ref>{{Cite web |last=Trapp |first=Francoise von |date=2011-06-03 |title=Cascade Microtech Partners With imec for 3D-TSV Probe Solutions |url=https://www.3dincites.com/2011/06/cascade-microtech-partners-with-imec-for-3d-tsv-probe-solutions/ |access-date=2024-03-08 |website=3D InCites |language=en-US}}</ref>
Cascade posted revenues of $113 for fiscal year 2012 and had its first profit that year since 2007.<ref name="att">{{cite news|last=Rogoway|first=Mike|title=Cascade Microtech pays $27.7 million for German company|url=http://www.oregonlive.com/silicon-forest/index.ssf/2013/10/cascade_microtech_pays_277_mil.html#incart_river|accessdate=4 October 2013|newspaper=The Oregonian|date=October 2, 2013}}</ref> In October 2013, the company bought ATT Advanced Temperature Test Systems in a cash and stock deal valued at $27.7 million.<ref name="att" /> The company announced it was sold to FormFactor, Inc. in February 2016 for $352 million, with the deal closing in June 2016.<ref>{{cite news|last1=Rogoway|first1=Mike|title=Oregon's selling spree resumes: Cascade Microtech acquired for $352 million|url=http://www.oregonlive.com/silicon-forest/index.ssf/2016/02/oregons_selling_spree_continue.html|accessdate=5 February 2016|work=The Oregonian/OregonLive|date=February 4, 2016}}</ref><ref>{{cite news|last1=Spencer|first1=Malia|title=Cascade Microtech acquisition completed - Portland Business Journal|url=http://www.bizjournals.com/portland/blog/techflash/2016/06/cascade-microtech-acquisition-completed.html|accessdate=1 July 2016|work=Portland Business Journal|date=June 24, 2016}}</ref>
In 2017, Cascade Microtech, together with IMEC, developed a fully-automatic system to pre-bond test advanced 3D chips. The two companies won the 2017 National Instruments Engineering Impact Award in the electronics and semiconductor division for their development in which they titled "Probing of Large-Array, Fine-Pitch Microbumps for 3D ICs".<ref>{{Cite web |last=Nelson |first=Rick |date=2017-05-30 |title=Cascade Microtech, imec develop automatic probe system for 3D chips |url=https://www.electronicdesign.com/technologies/test-measurement/article/21207425/cascade-microtech-imec-develop-automatic-probe-system-for-3d-chips |access-date=2023-10-09 |website=Electronic Design}}</ref><ref>{{Cite web |title=Press Release - Imec and Cascade Microtech Develop First Automatic Probe System for Advanced 3D Chips |url=https://www.imec-int.com/en/articles/imec-and-cascade-microtech-develop-first-automatic-probe-system-for-advanced-3d-chips |access-date=2023-10-09 |website=www.imec-int.com |language=en}}</ref>
==Products== Cascade Microtech manufactures testing equipment for the semiconductor industry.<ref name="VC investment"/> These probes test the chips before the chips are cut from the wafers (silicon or gallium arsenide), ensuring the chips do what they are designed to accomplish.<ref name="passes test"/><ref name="equity"/> Production is performed at the company's facilities in Beaverton, Oregon and Dresden, Germany.<ref name="ar 2010"/> In 2018, the company introduced autonomous probing systems for RF testing.<ref>{{cite web|access-date=2024-01-10 |date=2018-06-12 |title=FormFactor Announces Breakthrough Improvements in Productivity for RF Probe Systems |publisher=businessinsider.com |url=https://markets.businessinsider.com/news/stocks/formfactor-announces-breakthrough-improvements-in-productivity-for-rf-probe-systemscontact-intelligence-technology-enables-accurate-autonomous-measurement-and-faster-time-to-market-1026870133}}</ref> After acquiring FRT in 2019 the company also offers metrology measuring systems.<ref>{{cite web|access-date=2024-01-10 |date=2019-10-09 |title=FormFactor Acquires FRT GMBH |publisher=formfactor.com |url=https://www.formfactor.com/press-release/formfactor-acquires-frt-gmbh/}}</ref>
==See also== *Silicon Forest * List of companies based in Oregon
==References== {{Reflist|2}}
{{FormerORCompanies}}
Category:Companies based in Beaverton, Oregon Category:Electronics companies established in 1983 Category:Assembly and Test semiconductor companies Category:1983 establishments in Oregon Category:2016 mergers and acquisitions Category:Semiconductor companies of the United States Category:American companies established in 1983